This guide is for customers, creditors, attorneys, investors, and researchers. Bankruptcy cases change constantly, so confirm the latest developments in the official court record before relying on anything here. Status as of October 20, 2026.
Key Takeaways
- The lead case is In re Linqto Texas, LLC, No. 25-90186, in the Southern District of Texas.
- The plan was confirmed February 13, 2026, but confirmation is not the same as an effective plan.
- A filed motion is a request, not a ruling. Look for an entered order.
- The claims bar dates have passed.
- This guide is informational, not legal, tax, or investment advice.
Linqto Bankruptcy Docket: Case Identification and Current Status
Case caption and debtors
- Case: In re Linqto Texas, LLC, et al., Chapter 11
- Court: U.S. Bankruptcy Court, Southern District of Texas, Houston Division
- Judge: Alfredo R. Perez
- Petition date: July 7, 2025
- Lead case number: 25-90186 (ARP)
Four debtors filed: Linqto Texas, LLC (25-90186), Linqto, Inc. (25-90187), Linqto Liquidshares, LLC (25-90188), and Linqto Liquidshares Manager, LLC (25-90189).
The cases are jointly administered under the lead number, and pleadings are kept on that docket. Joint administration is procedural. It does not mean the debtors were substantively consolidated.
An adversary proceeding is a separate lawsuit inside the bankruptcy and has its own number. Epiq's listing shows No. 26-03265, Linqto Texas, LLC v. Forge Global Holdings Inc., so search adversary matters separately.
Where to find the docket
- PACER: the authoritative route to the full court docket. Search the Southern District of Texas by case number 25-90186.
- Epiq Corporate Restructuring, LLC: the claims and noticing agent. Its Linqto page offers notices, selected documents, claims access, and a docket that Epiq labels unofficial.
Use Epiq for notices and claims. Use PACER for the complete record.
Current procedural posture
The most recent main-case entries were filed October 19, 2026:
- Dkt. 2158: a Chapter 11 plan filing, with a redline of the First Modified Joint Chapter 11 Plan. It is a plan filing, not a confirmation order.
- Dkt. 2154: an emergency motion to modify the plan under 11 U.S.C. § 1127.
- Dkt. 2155: an emergency motion on a key employee incentive plan.
Both motions were set for hearing on October 22, 2026. As of October 20, no entered ruling was readily available on the docket. A media report or company announcement is not proof of court approval, so check for an entered order after any hearing.
What Led to the Linqto Chapter 11 Filing?
The history below comes from the first-day declaration (Dkt. 10, dated July 8, 2025) by chief restructuring officer Jeffrey S. Stein. These are the debtor's representations, not findings after trial.
The business model
According to the declaration, Linqto offered customers interests tied to special-purpose Series LLCs. Each was associated with a private-company issuer, and customer units were meant to correspond to an underlying share. The units were transfer-restricted with no public market.
Revenue came from the spread between what Liquidshares paid for securities and the price of units sold to customers. Redemptions offering customer "liquidity" began in April 2023.
Prepetition sequence
- February 2025: new management reportedly learned of operational and compliance concerns, removed several senior executives, and hired Sullivan & Cromwell to help with cooperation in an SEC investigation.
- March 13, 2025: the board formed a committee and decided to indefinitely suspend the platform and customer-facing operations.
- July 7, 2025: the four debtors filed Chapter 11 petitions.
The declaration also described an SEC investigation and an ongoing FINRA investigation of Linqto Capital. Investigations are not findings of a violation. The court's later opinion recounts that the debtors alleged internal investigations raised concerns about how the business operated, but it adjudicated none of those allegations.
Key Docket Filings and Bankruptcy Milestones
| Date | Filing or event | Posture |
|---|---|---|
| July 7, 2025 | Four voluntary petitions | Jointly administered under 25-90186 |
| July 8, 2025 | Dkt. 10 first-day declaration; Dkt. 16 DIP financing motion; Dkt. 37 proposed financing order | Motion and proposed order, not an entered order |
| July 18, 2025 | Dkt. 98, U.S. Trustee notice appointing the creditors' committee | Appointment documented |
| Sept. 15, 2025 | Dkt. 488, bar-date order | Entered |
| Sept. 30, 2025 | Dkt. 619, DIP declaration | Reports a facility of up to $25 million |
| Dec. 11, 2025 | Dkt. 1142, conditional disclosure-statement order | Entered |
| Feb. 13, 2026 | Dkt. 1598, order approving the disclosure statement and confirming the plan | Entered after a Feb. 2-4 hearing |
| July 20, 2026 | Dkt. 2063, CRO declaration | July 20 was anticipated as the Effective Date |
| Aug. 3, 2026 | Dkt. 2089, memorandum opinion | Entered; denied customer turnover motions |
| Oct. 19, 2026 | Dkts. 2154, 2155, 2157, 2158 | Filings, not rulings |
DIP financing
The declaration at Dkt. 619 reports a debtor-in-possession facility of up to $25 million. Proceeds were moved to a money-market account at Customers Bank around September 10, 2025. That bank is the account holder named in the declaration, not necessarily the lender.
A "Final DIP Order" dated May 19, 2026 also appears on the docket. Check the orders themselves for the lender, full terms, objections, and amendments.
Committee and key professionals
The U.S. Trustee appointed the Official Committee of Unsecured Creditors on July 18, 2025. The notice extract names Charles Hejny, Mariann Dickman Raab, and Sarah Linder, but it is not a complete or current roster. Jeffrey S. Stein serves as CRO and Epiq as claims agent.
Confirmation versus effectiveness
The court confirmed the plan on February 13, 2026. On July 20, 2026, the CRO described that date as the anticipated Effective Date and reported that Forge said on July 15 it would not serve as liquidating trustee.
That declaration does not prove the plan went effective. Look for a plan-defined effective-date notice.
Customer claims and the turnover ruling
The August 2026 opinion denied customers' § 542 turnover motions. The court said they should have sought relief through an adversary proceeding. It did not decide whether customers hold a viable ownership claim.
How to Read and Monitor the Linqto Bankruptcy Docket
Common docket documents
- Petition: opens the case.
- Schedules and statements: the debtor's disclosures about assets and liabilities.
- Motion: a request for relief.
- Objection or response: opposition to that request.
- Declaration: sworn factual support for a motion or position.
- Interim or final order: the court's ruling; interim relief is temporary.
- Disclosure statement and plan: the information and the proposal creditors vote on.
- Confirmation order: the court's approval of the plan.
A practical search workflow
- Search PACER by lead case number 25-90186 in the Southern District of Texas.
- Read the entry date and exact document title.
- Open attachments and exhibits, where proposed orders and redlines sit.
- Check later entries to see whether a hearing produced an order.
- Note any deadlines the order sets.
PACER's court-specific search updates immediately, while the nationwide Case Locator updates daily. Pricing runs $0.10 per page, with most documents capped at $3 and quarterly charges of $30 or less waived. Verify current rates before searching.
Deadlines to watch
Watch these dates closely:
- Objection deadlines and hearing dates
- Effective-date notices and extension requests
- Bar dates and voting deadlines set by case-specific orders
Bankruptcy Rule 3018 governs plan voting within the court-set window.
Source reliability
Rank sources in this order:
- Entered orders and the official docket
- Claims-agent notices
- Debtor and committee communications
- Media reports, as secondary context only
Professionals tracking Linqto or comparable cases can use BankruptcyData to follow filings, docket activity, stakeholders, timelines, and outcomes in one research workflow. Always confirm against the underlying court documents.
Docket entries can contain contested facts, estimates, and legal arguments. Do not infer recovery outcomes from a motion or allegation alone.
What the Linqto Docket Means for Customers and Creditors
Your practical position depends on your legal relationship with Linqto or an affiliate, the type of claim, your documentation, and the treatment the court approved.
Deadlines already passed
- General bar date: November 12, 2025, 5:00 p.m. Central
- Governmental-unit bar date: January 5, 2026
- Amended-schedules bar date: November 30, 2025, for affected parties who got notice
- Ballot deadline: January 26, 2026
No general instruction for amending an already-filed claim is readily available. Check the case-specific orders and contact Epiq.
What to monitor
- Notices from Epiq
- The modified plan (Dkt. 2158) and any ruling on the October 22 hearing
- Claim objections and settlements
- Effective-date notices and distribution announcements
- Any order affecting voting or recovery rights
The original plan let Class 4 customer claimants elect treatment involving a liquidating trust, a closed-end fund, or a combination. Consult the operative plan and any modification for actual treatment. No distribution amount is readily available from public case materials.
Records to keep
Preserve account statements, transaction records, contracts, notices, correspondence, and proof-of-claim materials. Get advice from a qualified bankruptcy professional before filing or changing a claim.
Frequently Asked Questions
Is Linqto still in business?
The debtor's July 2025 declaration says operations were indefinitely suspended on March 13, 2025, and a restart has not been publicly confirmed. The four debtors remain in Chapter 11; several affiliates were described as non-debtors. Status as of October 20, 2026.
What kind of company is Linqto?
Before bankruptcy, Linqto was a fintech platform for private-market investing. It sold customers units tied to private-company shares held through Series LLCs, with transfer restrictions and no public market. That describes its pre-bankruptcy business only.
